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FSA appoints Nick Poyntz-Wright as head of life insurance

The FSA has appointed former Skandia UK chief executive Nick Poyntz-Wright to head up its life insurance department from September 1, 2011.

Poyntz-Wright will report to Clive Adamson, who heads the Supervision Division in the Conduct Business Unit.   

Prior to taking on the chief executive role at Skandia he was the managing director of the UK Operating Division. He previously held the role of chief actuary and international operations director from 1995 until 2001.

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Tristram Hawthorn 27th June 2011 at 4:40 pm

    Considering most of the Life Insurance in the UK is provided through employer paid Group Policies; this appointment from an investment company really does show that the FSA knows absolutely nothing about the market it governs.

    What a shame

  2. justin gardner 27th June 2011 at 4:50 pm

    Never heard of him

  3. This is a good move and a slap in the face of the ABI, who have done little to support the IFA and who have promoted RDR on half of their poor quality members who need tied or restricted advice to sell poor quality products. as the saviour of old model tied advise!

    You will recall that Skandia cancelled its membership to the Association of British Insurers, instead choosing to join the Association of Independent Financial Advisers.

    Nick Poyntz-Wright said Skandia has “little alignment of interests” with the broader ABI membership.

    At the time Poyntz-Wright said: “For some time now we have viewed ourselves as different from more traditional life insurers and have felt a lack of alignment with the broader membership of the ABI.

    We offer our investment solutions only through financial advisers because we believe passionately in the importance of quality advice to guide and support customers’ financial decisions.

    Unfortunately fewer and fewer of our peers amongst the ABI membership share our focus on the advice sector.

  4. Well that’s two really unhelpful and misinformed anonymous comments.

    For those with short memories or limited experience, before it changed its emphasis, Skandia was for many years at the forefront of the UK protection market.

    I would guess that the Company’s gradual retreat from protection has caused Nick to seek other opportunities, and it is absolutely clear that he does have the experience to perform the role.

    Far from ‘knowing nothing about the industry’, it seems to me that for once, the faceless wonders at the FSA, of whom I am no fan, have got it right.

  5. Simon, ABI life company’s won’t benefit from RDR? if tied and restricted advice will be lucrative, how come Barclays bailed out with others looking to follow? I think the UK life Co’s are going to be making people redundant on a mass scale in 18 months time.

    On the other hand I agree it’s not an impartial appointment. Though I think it was a Skandia attempt to hoover up with-profit business Poyntz-Wright is on record as saying he dislikes traditional insurance companies. Similarly the move away from the ABI was an attempt to cozy up to fee based advisers, given Skandia distribution is 100% IFA not surpising really. Talk about putting King Herod in charge of Mothercare.

  6. Alistair E Niven 27th June 2011 at 7:59 pm

    Gerry Cooper is correct Skandia were very much at the forefront of the protection market and have always supported the independent, so it is good to see this guy putting himself forward for a job that will win him no friend, if he does it well

  7. Shock horror! FSA appoints someone IFAs can respect – are we dreaming?
    What a pity no one of his calibre hasn’t held a position of responsibility at the FSA before – perhaps they wouldn’t have destroyed the UK savings industry.
    I do hope that after the FSA is dissolved he will hold a similar role in its replacement.

  8. It is refreshing that the FSA has appointed somebody who understands retail investments as opposed to some grey-tinged bureaucrat who is informed by theory rather than practical experience.

    To answer Michael Both’s question, unfortunately, as Sheila Nicoll told the TSC, it seems that the entire FSA horde is being transferred lock, stock and numerous smoking barrels across to the FCA. A bit like last years General Election, maybe.

  9. Great appointment, I worked at Skandia for many years and have a lot of respect for NPW as a man of integrity and sense.

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